Money 20/20 USA: Veridas on Voice Biometrics in Finserv
Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and create the future of money.
FinTech Magazine caught up with Eduardo Azanza, CEO at Veridas, to discuss how biometrics are revolutionising financial services amid rising fraud cases.
Revolutionising financial services
Azanza was clear in his belief that voice biometrics has the potential to revolutionise financial services from a security, user experience (UX) and cost perspective.
He said: "Security because you make sure the person who's talking to you in the call centre is the one that is your customer.
"In terms of UX, you don't need to remember your passwords; you don't need to spend time telling your father's dog's name. You can just speak freely so, from the customer point of view, it's a super experience.
"But from the cost point of view, you are removing a lot of friction and a lot of time when you authenticate yourself.
"This is the magic triangle of voice biometrics."
The new age of biometrics
With fraud cases on the rise, Azanza said use of biometrics across the sector would inevitably increase.
"So far, we have been using our presumed identity," he added. "Something you have, like a mobile phone, or something you know – a password, typically. But this is what we call presumed identity, because someone could operate on my behalf.
"We are bringing what we call real identity, which is your biometrics, in a very secure way with modern AI systems."
To hear more from Eduardo Azanza, simply click play on the video at the top of this story.
Want to see more from Money20/20 USA 2023? Visit our YouTube playlist featuring interviews with some of the biggest players in fintech.
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